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While it didn’t have Alphabet’s cash pile or profitability, Uber’s R&D engine groomed itself in the image of other tech giants. It made starry bets on flying taxis and autonomous driving. It wanted to be the Amazon of transportation, moving rapidly into freight.
In the middle of a global lockdown that has decimated its central ride-sharing business, Uber is jettisoning just about everything except its rides and deliveries lines, per my colleague, Danielle Abril.
On Monday, Uber announced plans to lay off another 3,000 employees while closing or consolidating 40 offices, adding to some 3,700 layoffs that came earlier this month. It also said it would wind down its internal incubator, its AI Labs, and Uber Works, a project aimed to help temporary workers find jobs.
“We have decided to refocus our efforts on our core,” CEO Dara Khosrowshahi said in a letter to employees on Monday, adding ominously: “We need to fundamentally change the way we operate.”
Uber is not expecting a rapid return to its passenger business. Companies are looking to China, where the coronavirus hit first, for signs of how economic activity reinvigorates. But early behavioral metrics there suggest commuters are eschewing ride-hailing for their own cars, and airport runs, representing 15% of Uber’s revenue, are even less in vogue.
Should further cuts be needed, analysts believe Uber’s flying taxi, freight, self-driving units may be among those to go. The last has a large target on its back, given its $499 million loss last year.
An espresso shot to the IPO market: The world’s no. 2 packaged coffee maker, JDE Peet’s BV, is pressing ahead with an initial public offering as global markets show some signs of stability. Behind brands including Peet’s Coffee, Douwe Egberts and Jacobs, JDE Peet’s plans to raise at least £700 million ($764 million) in Amsterdam, becoming one of the few companies willing to test the waters.
Its owner, JAB Holdings, is known for investments in storefront-heavy companies such as Krispy Kreme and Panera Bread. But 79% of JDE Peet’s coffee business is for home consumption, and folks tend to drink coffee regardless of a recession.
Correction: Yesterday’s term sheet miswrote General Catalyst as the $870 million investor in Jio. The investor was General Atlantic.
Lucinda Shen
Twitter: @shenlucinda
Email: lucinda.shen@fortune.com
VENTURE DEALS
- JD MRO, a subsidiary of JD.com that delivers industrial maintenance, repair and operations products and services, raised $230 million in Series A funding. GGV Capital led the round. Read more.
- Contentsquare, a New York-based customer experience analytics platform, raised $190 million in Series D funding. BlackRock’s Private Equity Partners team led the round, and was joined by investors including Bpifrance, Eurazeo Growth, Canaan, GPE Hermes, Highland Europe, H14 and KKR.
- Rallybio, a New Haven, Conn.-based biopharmaceutical company focused identifying severe and rare disorders, raised $145 million in Series B funding. Pivotal bioVenture Partners led the round, and was joined by investors including Viking Global Investors, TPG’s The Rise Fund, F-Prime Capital, Tekla Capital Management, Solasta Ventures, Fairview Capital, and Mitsui & Co. Global Investment.
- Cyberbit, a Ra’Anana, Israel-based provider of cyber security training and simulation platforms, raised $70 million from Charlesbank Capital Partners. Part of the stake was purchased from Elbit Systems.
- GO1.com, a San Francisco-based learning hub for workforces, raised $40 million in Series C funding. Madrona Venture Group and SEEK led the round, and were joined by investors including Salesforce Ventures, M12, and Our Innovation Fund.
- Holmusk, a Singapore-based data science and health technology company, raised $21.5 million in Series A funding. Optum Ventures and Health Catalyst Capital led the round, and were joined by existing investor Heritas Capital.
- Arculus, the Ingolstadt, Germany-based startup seeking to create more flexible assembly lines, raised €16 million in Series A funding. Atomico led the round, and was joined by investors including Visionaries Club and previous investor La Famiglia. Read more.
- Source Defense, a New York and Israel-based web security firm, raised $10.5 million in Series A+ funding. Capital One Ventures invested, and was joined by investors including JVP, Allegis Cyber, Global Brain, and NightDragon.
- ChromaCode, a Carlsbad, Calif.-based company using data science in molecular testing, raised $10 million in Series C extension funding from Adjuvant Capital.
- United Dwelling, a Culver City, Calif.-based startup addressing affordable housing, raised $10 million in Series B funding. Alpha Edison led the round, and was joined by investors including Lightspeed Venture Partners.
- Beeline, a providence, R.I.-based digital home loan lender, raised $7.6 million in seed funding. The investors were not named.
- Electric, a platform aiming to put IT departments in the cloud, raised $7 million in continuing Series B funding. 01 Advisors and the Slack Fund participated. Read more.
- Smarterly, a London-based fintech startup that allows employees to invest directly through their payroll, raised £7 million. Major Oak led the round. Read more.
- Lingxi, a Beijing-based startup that applies machine intelligence to financial services, raised $6.2 million in Series A funding co-led by ByteDance and Rocket Internet. Read more.
- Urban Jungle, a London-based insurance startup, raised £2.5 million ($3.1 million) in funding. Eka Ventures led the round.
PRIVATE EQUITY
- Newlight Partners plan to invest up to $150 million in Zing Health, a Chicago-based physician-led Medicare Advantage HMO plan designed for Medicare-eligible beneficiaries.
- Copley Equity Partners made a majority investment in Tourmaline Partners, a Stamford, Conn.-based outsourced trading solutions firm. Financial terms weren't disclosed.
- Tanknology, backed by Hamilton Robinson Capital Partners, acquired Compliance Testing & Technology, a Cedarburg, Wis.-based environmental compliance services company. Financial terms weren't disclosed.
OTHERS
- Sony Corp (NYSE: SNE) plans to buy the remaining stake in Sony Financial, which offers life insurance, auto insurance and banking products, that it doesn’t own for about ¥400 billion ($3.7 billion). Read more.
- Prometheus Group, backed by Genstar, will acquire VIZIYA, an Ontario-based developer of enterprise asset management software, from Quarterhill Inc. (TSX: QTRH). Financial terms weren't disclosed.
- Guild is acquiring Entangled, a San Francisco-based venture studio. Financial terms weren't disclosed.
- Sunrise Communications Group and Salt Mobile launched a $3.1 billion broadband joint venture on Tuesday targeting Swiss households. Read more.
- FTI Consulting (NYSE: FCN) agreed to acquire certain assets of Delta Partners, a Dubai-based telecom, media & technology focused strategy consulting and investment banking firm. Financial terms weren't disclosed.
BANKRUPTCIES, HANGUPS, AND BREAKUPS
- Comcar Industries, a Florida-based trucking company, filed for bankruptcy protection. Pimco backs the firm. Read more.
- Centric Brands (Nasdaq: CTRC), a branded apparel maker, filed for bankruptcy protection with plans to go private. Blackstone Group, Ares Management, and HPS Investment Partners will own stakes in the restructured company. Read more.
- Advent International delayed plans for the $1.9 billion take-private acquisition of and Forescout Technologies, a cybersecurity company. The two are renegotiating the timing and terms of the deal. Read more.
- Energean Oil & Gas (LON: ENOG) plans to renegotiate its acquisition of Italian-based Edison SpA’s upstream portfolio after plans to immediately sell on Edison’s North Sea assets to Neptune Energy fell through. Read more.
- Thai Airways International, Thailand’s flag carrier, filed for bankruptcy protection. Read more.
- Pier 1 Imports, the Fort Worth, Texas-based home goods retailer, is shutting down. The company had filed for chapter 11 bankruptcy before the coronavirus.
IPOS
- Vroom, a New York-based online used car marketplace, filed to raise $100 million. It posted revenue of $1.2 billion and losses of $275.7 million in 2019. L Catterton, General Catalyst, and T. Rowe Price back the firm. It plans to list on the Nasdaq as “VRM.” Read more.
- Applied Molecular Transport, a South San Francisco-based biotech developing oral therapies for inflammatory diseases, filed to raise $100 million. EPIQ Capaital Group (25.9% pre-offering) and Founders Fund (20.7%) back the firm. It plans to list on the Nasdaq as “AMTI.” Read more.
EXITS
- Thyssenkrupp, a German industrial giant, is seeking partners for its steel and warship divisions. Read more.
F+FS
- Cowen (NASDAQ:COWN) closed Cowen Healthcare Investments III with $493 million in committed capital.
PEOPLE
- Kevin Mayer, a top Walt Disney Company’s streaming executive, resigned on Monday to become the chief executive of TikTok, Bytedance-backed app for making and sharing short videos.
- Grain Management appointed Ricardo J. Rodriguez as a principal.
